pdvWireless, Inc. (NASDAQ:PDVW) Q1 2020 Earnings Conference Call Transcript
Aug 14, 2019 • 04:45 pm ET
Good afternoon, ladies and gentlemen, and welcome to the Anterix First Quarter Update Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Natasha Vecchiarelli. Ma'am, the floor is yours.
Thank you, Catherine. Good afternoon, and thank you all for joining us. With me today are Brian McAuley, our Chairman; Morgan O'Brien, our CEO; Rob Schwartz, our President and COO; and Tim Gray, our CFO.
Before we begin, please note that our discussion may contain forward-looking statements and our actual results may differ materially from those implied. Information regarding the risk factors that could cause such differences can be found in our public filings, including our most recently filed 10-K and Form 10-Q for the quarter ended June 30, 2019.
With that, I'd like to turn the call over to Morgan O'Brien.
Thank you, Natasha. And thank you everybody for joining us this afternoon. Our Investor Day in late May was the last time we spoke with many of you. And since then, we conducted our successful capital raise just a few weeks ago. This incremental equity funding of $100 million sets in motion an acceleration of our returning efforts to clear the spectrum and helps prepares to monetize this valuable asset. Another important element of this raise was a core group of current investors who increased their position in Anterix. We appreciate this continuing sign of confidence from our longer-term shareholders and at the same time, welcome many new shareholders from this offering.
We gave a lot of thought to proceeding with a follow-on offering when we did rather than waiting for the FCC's final order. We knew there would be a period of some months before the FCC acted likely followed by that first customer at least of our spectrum. In the meantime, what can we do to be most effective in converting our spectrum opportunity to revenue? That first lease will require confidence in our ability to quickly provide clear spectrum and returning incumbents will require capital. So rather than waiting to raise those funds, we opted to make the best use of the waiting period by getting the funding in hand now, so we can proceed with returning and begin immediately working to shorten the time to first revenue.
In addition, as you might expect, we think minimizing the time from first lease to the availability of clear spectrum will have a very positive impact on prospective customers in our pipeline. We're adding new professionals to our experienced team who are actively reaching out to incumbent licensees to take the necessary steps to clear the proposed 900 megahertz broadband allocation while prioritizing markets with their earliest commercial opportunities. We've already successfully reconfigured several large utilities and required licenses from a number of incumbents.
As to the all-important FCC proceeding, on July 2, the period for reply comments closed. Those replies were notable not only for the growing support they indicated, but also for the absence of any unanticipated issues that